Tinubu Government Writes Off NNPC’s ₦5.5 Trillion and $1.4 Billion Pre-2025 Debts After FAAC Reconciliation

President Bola Tinubu has approved the clearance of long-standing debts owed by the Nigerian National Petroleum Company Limited (NNPC Ltd) to the Federation Account, wiping off about ₦5.5 trillion and $1.4 billion accumulated up to December 31, 2024. The decision followed a reconciliation exercise conducted by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and presented at the November 2025 Federation Account Allocation Committee (FAAC) meeting. According to the report, most of the disputed royalty and lifting-related obligations were removed from government records based on recommendations by a Stakeholder Alignment Committee. However, statutory liabilities incurred after January 2025 were excluded from the approval and remain subject to recovery and FAAC scrutiny, drawing a clear line between legacy debts and new obligations.

Fuel Subsidy: SERAP Sues Govs, Wike Over ‘Failure To Account For ₦14trn Savings’
SERAP said the suit followed reports that the 36 governors and the FCT minister have collected trillions of naira from FAAC allocations.

SERAP Sues 36 Governors and FCT Minister Over ₦14 Trillion Fuel Subsidy Savings

The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against Nigeria’s 36 governors and FCT Minister Nyesom Wike for failing to account for ₦14 trillion in fuel subsidy savings received from FAAC allocations since May 2023. The suit, filed at the Federal High Court, Lagos (FHC/L/MSC/1424/2025), seeks disclosure of spending details, project execution reports, and locations of funded projects. SERAP argues that despite increased allocations, millions of poor Nigerians have not benefited from the funds, raising concerns of mismanagement. The action follows a Supreme Court ruling affirming that the Freedom of Information Act applies to state-level public records. No hearing date has been set.

Awgu Residents Demand Accountability Over ₦6.3 Billion FAAC Funds Amid Poor Development

Residents of Awgu Local Government Area in Enugu State have raised alarm over the council’s poor infrastructure and lack of development, demanding that Chairman Uche Okolo account for ₦6.3 billion received from the Federation Accounts Allocation Committee (FAAC) between September 2024 and July 2025. They allege that despite the substantial funds, roads, healthcare, water supply, and other amenities remain neglected, while some funds were reportedly diverted to private ventures abroad. The residents are calling for transparency and responsible use of public resources.

#AwguLGA #EnuguState

Atiku Abubakar Slams Tinubu Government for Allegedly Ignoring Supreme Court Ruling on Local Government Autonomy, Calls It Constitutional Breach

Former Vice President Atiku Abubakar has strongly criticised President Bola Tinubu’s administration for failing to implement a binding Supreme Court judgment mandating direct FAAC allocations to local governments. In a statement issued on December 24, 2025, Atiku described the prolonged non-implementation as deliberate defiance of the Constitution rather than administrative delay, accusing the federal government of using compliance as a political tool to control governors. He warned that continued denial of local government financial autonomy is crippling grassroots development, worsening poverty, and undermining democratic governance, while urging the president to immediately direct the Attorney-General to enforce the court’s ruling.

#AtikuAbubakar
#LocalGovernmentAutonomy
#SupremeCourtRuling

President Tinubu Threatens to Slash State Allocations Over Delayed Local Government Autonomy

President Bola Tinubu has warned that states refusing to implement local government financial autonomy, as mandated by the Supreme Court, risk having their allocations from the Federation Account Allocation Committee (FAAC) slashed. Speaking at the 15th NEC meeting of the All Progressives Congress (APC) in Abuja, Tinubu emphasized that local government autonomy is vital for grassroots development and constitutional order. He appealed for cooperation with his administration while signaling readiness to act unilaterally if governors resist compliance. The President also expressed support for state police, women’s participation in politics, and state control over lottery businesses. Vice President Kashim Shettima and party leaders praised Tinubu’s leadership, highlighting his strategic reforms and political courage.

FG, States, LGs Share ₦1.928trn November 2025 Revenue

A total sum of ₦1.928 trillion, representing the November 2025 Federation Account Revenue, has been shared among the Federal Government, states, and local government councils.

The revenue was distributed at the December 2025 meeting of the Federation Account Allocation Committee (FAAC), which was held in Abuja.

The allocation reflects funds accrued to the federation account from various revenue sources, including oil and non-oil receipts, and is aimed at supporting the running of government activities at all levels amid ongoing economic challenges.

The FAAC meeting brought together representatives of the Federal Government, state governments, and relevant revenue-generating agencies to deliberate on the disbursement.

#FAAC #NigeriaEconomy #RevenueSharing #PublicFinance

Peter Mbah Presents Record N1.62 Trillion ‘Budget of Renewed Momentum’ to Accelerate Enugu’s Transformation




Enugu State Governor Peter Mbah has unveiled a landmark N1.62 trillion budget for 2026, marking a 66.5% increase from the revised 2025 budget. Tagged the “Budget of Renewed Momentum,” it allocates 80% (N1.29 trillion) to capital projects and 20% (N321 billion) to recurrent spending.
The economic sector receives the largest share—N825.9 billion (51%)—to fund major infrastructure projects, including 1,200 urban roads, rural road networks, completion of key dual carriageways, expansion of Enugu Air’s fleet to 20 aircraft, and new transport terminals.
The social sector gets N644.7 billion, with education taking 32.27%, supporting Smart Secondary Schools, TVET colleges, and expansion of the state’s Smart Green Schools initiative.
The budget will be funded through N870 billion IGR, N387 billion federal allocation, and N329 billion capital receipts.
Mbah praised President Tinubu’s economic reforms for boosting Enugu’s revenue, noting that IGR is expected to exceed N400 billion, the highest in the state’s history, while FAAC allocation surpassed projections by over 50%.
He also earmarked funds for gratuity payments, security surveillance expansion, healthcare, and ongoing city development projects.





#PeterMbah #EnuguState #EnuguBudget2026 #BudgetOfRenewedMomentum #NigeriaEconomy #InfrastructureDevelopment #SmartSchools #EnuguAir #TinubuReforms #IGR #FAAC #GideonArinze #BreakingNews #NigeriaPolitics

JUST IN: Federation Account Allocation Committee (FAAC) said it shared a total of N2.094 trillion in October 2025 revenue among the Federal Government, state governments, and Local Government Councils.

Anambra governorship election: “You’ll suffer” — AAC’s Ifemeludike alleges in new video as she warns Anambra residents against re-electing Governor Soludo.

African Action Congress (AAC) governorship candidate, Chioma Ifemeludike, has cautioned Anambra residents and alleged that they will “suffer” if they reelect Governor Chukwuma Soludo instead of voting for her in the November 8 election.

The Nollywood actress and producer criticized Soludo over the poor condition of roads in Awka, particularly Uche Ekwunife Crescent, which she described as “totally dilapidated.” She accused the governor of neglecting basic infrastructure while constructing a new Government House with “wide, paved roads for himself and his generations.”

Ifemeludike said Soludo’s administration has failed to deliver good governance or quality social amenities, claiming he is only interested in showmanship. “If you miss out, you will suffer for it because Soludo is not ready to provide real leadership,” she said.

In a Facebook post directed at the governor, she asked, “@ccsoludo, why are you afraid to repair the capital city’s bad roads? Awka shouldn’t look so rural and undeveloped. With FAAC, local allocations, and IGR, we should have Dubai/Taiwan-style infrastructure.”

She urged voters not to be deceived but to come out en masse to make a better choice on election day. “On November 8, you have a choice — and that choice is Chioma for governor 2025,” she declared.

The Independent National Electoral Commission (INEC) confirmed that 16 political parties will participate in the Anambra governorship election.

FG, states, LGs share N2.103tn revenue in 2025.

The Federation Account Allocation Committee (FAAC) has approved the sum of N2.103 trillion as September revenue for sharing to the three tiers of governments, the Federal Government, States and the Local Government Councils.

The approval was confirmed on Friday, October 17, in Abuja during the FAAC meeting.

The N2.103 trillion total distributable revenue comprised distributable statutory revenue of N1.239 trillion, distributable Value Added Tax (VAT) revenue of N812.593 billion, and Electronic Money Transfer Levy (EMTL) revenue of N51.684 billion.

A statement issued by the Director of Information in OAGF, Mallam Bawa Mokwa, indicated that the total gross revenue of N3.054 trillion was available in the month of September 2025.

The total deduction for cost of collection was N116.149 billion, while total transfers, interventions, refunds and savings were N835.005 billion.

According to the communiqué, gross statutory revenue of N2.128 trillion was received for the month of September 2025. This was lower than the sum of N2.838 trillion received in the month of August 2025 by N710.134 billion.

Gross revenue of N872.630 billion was available from the Value Added Tax (VAT) in September 2025. This was higher than the N722.619 billion available in the month of August 2025 by N150.011 billion.

The communiqué stated that from the N2.103 trillion total distributable revenue, the Federal Government received a total sum of N711.314 billion and the State Governments received a total sum of N727.170 billion.

Account for N14trn fuel subsidy savings or face legal action’, SERAP tells 36 governors, Wike.

Socio-Economic Rights and Accountability Project (SERAP) has urged Nigeria’s 36 state governors and the Minister of the Federal Capital Territory, Mr Nyesom Wike to “urgently disclose the spending details of the estimated N14trn fuel subsidy savings they collected from FAAC allocations, including details and locations of projects executed with the money, and the implementation status and completion reports, if any, on the projects.”

SERAP urged them to “provide details of the plans on how subsequent fuel subsidy savings they expect to collect from FAAC allocations, including details of any planned projects on which the money would be spent.”

SERAP also urged them to “publicly invite the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and Economic and Financial Crimes Commission (EFCC) to track and monitor the spending of the fuel subsidy savings collected by you, to ensure that the money is not diverted into private pockets.”

The 36 governors and the FCT minister have reportedly collected trillions of naira from FAAC allocations as fuel subsidy savings since mid-2023. But the increased allocations have not translated into improved access to basic public services, such as quality healthcare and education for poor and vulnerable Nigerians.

In the Freedom of Information requests dated 4 October 2025 and signed by SERAP deputy director Kolawole Oluwadare, the organisation said: “There is a legitimate public interest for governors and the FCT minister to urgently explain how they have spent the money they have so far collected from the subsidy savings.”

SERAP said, “The savings from the removal of fuel subsidy ought to be spent solely for the benefit of the poor and vulnerable Nigerians who are bearing the brunt of the removal. Transparency in the spending of the money would help to avoid a morally repugnant result of double jeopardy on these Nigerians.”

The FoI requests, read in part: “There is a significant risk of mismanagement or diversion of funds linked to the increased FAAC allocations collected by the states and FCT.”

“The spending details of the money collected by several states and the FCT from fuel subsidy savings have been mostly shrouded in secrecy.”

Otunba Bamidele Akingboye, the Social Democratic Party governorship candidate in the 2024 Ondo State election has died at the age of 60.

His Personal Assistant and Media Adviser, Oyeniyi Iwakun, confirmed that he passed away on Thursday at his residence in Victoria Garden City, Lagos. Born on April 2, 1964, Akingboye was a businessman, philanthropist & community leader.

He served as Chief Executive Officer of Benshore Maritime & Clog Oil Systems, as well as President of WeAfrica Group. He also held the traditional title of Olowomeye I of Ikaleland. He is survived by his wives, children, grandchildren & siblings. The family said burial arrangements will be announced later.

In his tribute, Ondo SDP Chairman, Ebenezer Akinbuli, described Akingboye as a visionary leader committed to service. “During his campaign, he shared his vision for a brighter Ondo State, anchored on good governance, social justice & sustainable development. His passion and leadership inspired many & his legacy will endure” Akinbuli said.

He stressed that the Federal Government has not borrowed from local banks since the beginning of the year, underscoring the impact of the improved fiscal position.

The Presidency further explained that the revenue surge has boosted allocations at the Federation Account Allocation Committee (FAAC), with disbursements to states and local governments exceeding ₦2 trillion in July for the first time in history.

This, it said, has provided subnational governments with greater resources to fund food security, infrastructure, and social services. It, however, admitted that despite the record revenue, allocations are still insufficient to meet the administration’s ambitions in education, health, and infrastructure.

Highlighting the shift away from oil dependency, the Presidency disclosed that non-oil revenues contributed ₦15.69 trillion of the total, accounting for three out of every four naira collected. While inflation and foreign exchange revaluation played a role, it said the growth was mainly reform-driven — through Customs automation, digitised filings, tighter enforcement, and expanded compliance.

Otunba Bamidele Akingboye, the Social Democratic Party governorship candidate in the 2024 Ondo State election has died at the age of 60.

His Personal Assistant and Media Adviser, Oyeniyi Iwakun, confirmed that he passed away on Thursday at his residence in Victoria Garden City, Lagos. Born on April 2, 1964, Akingboye was a businessman, philanthropist & community leader.

He served as Chief Executive Officer of Benshore Maritime & Clog Oil Systems, as well as President of WeAfrica Group. He also held the traditional title of Olowomeye I of Ikaleland. He is survived by his wives, children, grandchildren & siblings. The family said burial arrangements will be announced later.

In his tribute, Ondo SDP Chairman, Ebenezer Akinbuli, described Akingboye as a visionary leader committed to service. “During his campaign, he shared his vision for a brighter Ondo State, anchored on good governance, social justice & sustainable development. His passion and leadership inspired many & his legacy will endure” Akinbuli said.

He stressed that the Federal Government has not borrowed from local banks since the beginning of the year, underscoring the impact of the improved fiscal position.

The Presidency further explained that the revenue surge has boosted allocations at the Federation Account Allocation Committee (FAAC), with disbursements to states and local governments exceeding ₦2 trillion in July for the first time in history.

This, it said, has provided subnational governments with greater resources to fund food security, infrastructure, and social services. It, however, admitted that despite the record revenue, allocations are still insufficient to meet the administration’s ambitions in education, health, and infrastructure.

Highlighting the shift away from oil dependency, the Presidency disclosed that non-oil revenues contributed ₦15.69 trillion of the total, accounting for three out of every four naira collected. While inflation and foreign exchange revaluation played a role, it said the growth was mainly reform-driven — through Customs automation, digitised filings, tighter enforcement, and expanded compliance.

Oyo Lawmaker Questions “Secret” N300B Loan Approval

Hon. Shittu Ibraheem, representing Saki West constituency, has flagged the approval of a N300 billion loan for Oyo State, describing it as secretive and unauthorized. The loan, approved on August 19 and perfected on August 26, allegedly occurred during a 6-week House recess.

Ibraheem distanced himself from the approval and questioned why the loan was needed, citing a 500% increase in FAAC allocations to the state.

Financial records show Oyo State had already borrowed N93.4 billion in Q2 2025 and spent N18.6 billion on debt servicing in the first half of the year. Critics also questioned a recent N63.5 billion overhaul of Government House.

#OyoState #Transparency #Governance #Nigeria #PublicFunds

FG, state, local governments share N2.001trn July revenue.

The three tiers of Nigerian government, federal, state, and local government councils, have shared the total of N2.001 trillion, being the July 2025 Federation Account Revenue.

The revenue was shared at the August 2025 Federation Account Allocation Committee (FAAC) meeting held in Abuja.

The N2.001 trillion total distributable revenue comprised distributable statutory revenue of N1,282.872 trillion, distributable Value Added Tax (VAT) revenue of N640.610 billion, Electronic Money Transfer Levy (EMTL) revenue of N37.601 billion, and Exchange Difference of N39.745 billion.

A communiqué issued by the Federation Account Allocation Committee (FAAC) indicated that total gross revenue of N3,836.980 trillion was available in the month of July 2025.Total deduction for cost of collection was N152.681 billion, while total transfers, interventions, refunds, and savings were N1.683471 trillion.

According to the communiqué made available to DAILY POST by the spokesperson for the Office of the Accountant General of the Federation, gross statutory revenue of N3,070.127 trillion was received for the month of July 2025. This was lower than the sum of N3,485.235 trillion received in the month of June 2025 by N415.108 billion.

Gross revenue of N687.940 billion was available from the Value Added Tax (VAT) in July 2025. This was higher than the N678.165 billion available in the month of June 2025 by N9.775 billion.

The communiqué stated that from the N2,000.828 trillion total distributable revenue, the Federal Government received a total sum of N735.081 billion and the State Governments received a total sum of N660.349 billion.

The local government council received N485.039 billion, while the sum of N120.359 billion (13% of mineral revenue) was shared with the benefiting state as derivation revenue.

News Brief: Tinubu Must Lead on Social Welfare, Not Delegate to Governors — Falana.

Prominent human rights lawyer Femi Falana (SAN) has urged President Bola Tinubu to take direct responsibility for combating poverty in Nigeria, rather than deferring social welfare duties to state governors.

In a statement on Sunday, Falana reacted to Tinubu’s recent plea to APC governors to “wet the grass” by addressing grassroots economic hardship. While acknowledging the President’s concern, Falana insisted the Federal Government must move beyond appeals and fully fund existing national welfare programmes.

He criticised the 2025 budget allocation of ₦32.7 billion to the National Social Investment Programme (NSIP), comparing it unfavorably to the ₦39 billion reportedly spent on the International Conference Centre renovation. “This government cannot justify underfunding welfare while indulging in expensive renovations,” Falana said.

He called for a ₦5 trillion investment in the NSIP, which supports youth employment, school feeding, soft loans, and cash transfers for vulnerable households. Falana also called out wasteful spending in the 2025 budget, citing ₦6.93 trillion in padded projects exposed by BudgIT.

With ₦11.195 trillion disbursed to states via FAAC in the last year, Falana said resources are available—what’s lacking is political will and prioritization.

He also demanded multi-stakeholder oversight for NSIP funds, including civil society and trade unions, to ensure transparency and real impact.

#FemiFalana #TinubuAdministration #SocialWelfare #NSIP #NigerianPovertyCrisis #Budget2025

MAY 2025 FEDERATION ACCOUNT REVENUE: FEDERAL, STATES & LGCs SHARE 1.659 TRILLION NAIRA

A total sum of N1.659 trillion, being May 2025 Federation Account Revenue has been shared to the Federal, States and the Local Government Councils.

The revenue was shared at the June 2025 Federation Account Allocation Committee (FAAC) meeting held in Abuja.

The N1.659 trillion total distributable revenue comprised revenue of N863.8 billion, Value Added Tax (VAT) revenue of N691.7billion, Electronic Money Transfer Levy (EMTL) revenue of N27.667 billion and Exchange Difference revenue of N76.614 billion.

The Federation Account Allocation Committee (FAAC) indicated that total gross revenue of N2.942 trillion was available in the month of May 2025. Total deduction for cost of collection was N111.908 billion while total transfers, interventions and refunds was N1.171 trillion.

The Gross revenue of N2.094 trillion received in the month of May 2025, is higher than the sum of N2.084 trillion received in the month of April 2025 by N10.023 Billion.

In May 2025, Companies Income Tax (CIT), Value Added Tax (VAT) and Import Duty increased significantly while CET Levies, Petroleum Profit Tax (PPT), Oil and Gas Royalty and Electronic Money Transfer Levy (EMTL) recorded decreases, while Excise Duty increased only marginally.